2018 Quarter 2 Review

Plenty of buyer interest, low listing inventory, and rising prices continued to define the Pemberton real estate market through the first half of 2018.

Overall transaction values in Pemberton have risen by about 14% since the beginning of the year. Meanwhile, a lack of opportunities (rather than a lowering of buyer interest) has resulted in a reduction in the number of transactions so far this year.

Breaking the numbers down a little more:

Single-Family Homes: Average sale value sits at $883,000

Towhomes: Average sale value sits at $593,000

Condos: Average sale value sits at $385,784

A bright point, and something we have not seen a lot of in recent years in Pemberton, is a bustling of construction. Significant investment in Pemberton, both commercially and residentially, has seen several new single-family home developments and townhome/condominium buildings coming to the market – including The Ridge, Sunstone, and Crestline. That has given buyers of Pemberton real estate a lot of new design and living choices. At the same time, a quick drive through the Pemberton Industrial Park will confirm that activity there is abuzz with new commercial and industrial investments, as well as the opening and expansion of several local businesses.

What We Expect Moving Forward

Pemberton is not being seen by many as a viable alternative to both Whistler and Squamish. Despite its current economic boom, we continue to see low supply levels for existing real estate in Pemberton. As a result, well-priced properties are generally selling very quickly and prices continue to feel upward pressure. We do not anticipate that this will be changing any time soon.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2018

2018 Quarter 1 Review

Through the first quarter of 2018, Pemberton continues to attract increasing attention, especially as prices continue to rise throughout the southern end of the Sea to Sky Corridor. Many ex-Whistlerites, young families, retierees, and outdoor enthusiasts continue to discover and turn to Pemberton to fulfill their real estate goals. As a result, the Pemberton real estate market has experienced a strong start to the year.

The Pemberton market saw an increase in the number of transactions throughout the first 3 months of the year compared to the same period in 2017. This was paired with a 6.1% increase in overall average transaction value which now sits at $517,244. There is strong demand for all property types, but the single-family home segment has been particular active so far this year.

Breaking the numbers down a little more:

Single-Family Homes: Average value now sits at $816,900

Towhomes: Average value now sits at $609,375

Condos: Average value now sits at $385,429

What We Expect Moving Forward

The great news for Pemberton is that it is currently in the midst of an economic boom. There has been lots of investment throughout the residential and commercial sectors – partially evidenced by the hub of activity in the Pemberton Industrial Park and the several new residential developments underway.

All that said, we continue to feel the impact of low supply levels and high buyer interest. As a result, well-priced properties are generally selling very quickly and we don’t expect this to change too much in the short-term.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, April 2018

2017 Year In Review

Throughout 2017, Pemberton continued to attract first-time home buyers, recreational enthusiasts, investors, and those looking for price points no longer available in Whistler. Increased awareness, good values compared to other Sea to Sky markets, affordability, and a relaxed lifestyle continue to be the main attractants for purchasers in Pemberton.

As a result of increasing demand combined with low numbers of available listings resulted in an overall 8% increase in average transaction value and significant price appreciation in almost all market segments.

In Pemberton, the more affordable properties (condos and towhomes) continues to draw the highest levels of interest as these properties appeal to young families and first-time buyers, and are rarely available in Whistler and Squamish right now.

Breaking down the numbers by market segment:

Single-Family Homes: Average price increased by 27.5% to $816,907.

Townhouses: Average price increased by 21% to $478,987

Condos: Average price increased by 32% to $334,911

It is important to note that for the first time, 2017 saw a number of individual transactions exceeding $1 Million for a single-family home. Acreage properties, continue to be of interest to to high net worth individuals, a new generation of agricultural enthusiasts, and families capitalizing on the real estate markets in Vancouver and Whistler although the number of sales remains too small to draw reliable statistical information.

New Developments

With new subdivisions at Sunstone selling our, and most of the remaining lots at the Benchlands now sold, the new residential developments in Pemberton attracted strong buyer interest throughout 2017. Given the strong sales activity for these single-family building lots, we can expect 2018 to be a busy year for builders in Pemberton.

2017 also brought increased commercial investment to the community. The Pemberton Industrial Park is now a hive of activity and construction and there are several new rental buildings getting ready for occupants.

In 2018, we expect to see a number of announcements for new projects as Sunstone and the start of construction at Crestline.

2018: What We Expect

As is the case in Whistler and Squamish, the number of properties available for purchase is at historically low levels while buyer interest remains high. Therefore, we expect that 2018 will continue to support upward pressure of prices.

New mortgage / financing rules, interest rate changes, and the outcome of future housing development in Whistler may all impact the market, but, until these issues have become more defined, the future looks bright for Pemberton.

The Pemberton real estate market truly is a micro market so individual sales and valuations may vary widely from the ‘norm’ so it is important to evaluate each property individually. If you are interested in selling and wondering what your property might be worth, or if you are looking to buy and wondering how the market will impact you, contact me and I would be happy to discuss the current market situation with you.

Fall is a beautiful time to be in Pemberton, there is just something about the fall colours that add a little something extra to the stunning views.

Much like the real estate market in Whistler, Pemberton (and the surrounding area) continues to face a market constrained by a lack of available supply, despite the high demand. As a result, well priced properties are selling very quickly. This, in turn, has continued to place upward pressure on prices throughout the region and across all market segments.

Where are we now?

The imbalance between supply and demand has resulted in steadily increasing sales prices throughout Pemberton. Here is a closer look at the numbers by market segment:

Single-Family Homes: Median transaction value is now $760,000 (an increase of 16.9% since the end of 2016)

Townhomes: Median transaction value is now $479,000 (an increase of 17.1% since the end of 2016)

Condos: Median transaction value is now $345,000 (an increase of 32% since the end of 2016)

The Pemberton real estate market is a small one, therefore it is important to keep in mind that individual transactions can vary widely from the statistical averages.

What is to come?

Going forward through the remaineder of 207 we expect that market conditions will continue to be strong with continued upward pressure on prices.

With the successful sales of single-family lots at Tiyata, Sunstone Pemberton, the Benchlands, and The Pemberton Ridge, residents in Pemberton should expect to see a wave of construction as purchasers begin to build their dream homes. We can, nevertheless, expect that although many of these homes will be occupied by full-time, local families, some of them will certainly come to the market for resale (either as lots or once homes have been built).

It looks like Pemberton is sure to be a busy place for the foreseeable future. If you have been thinking of buying or selling, contact me any time to find out how the current real estate market will impact you.

*All stats deemed to be accurate and taken from the Whistler Listing System, October 2017

Overlooking the Pemberton Valley and set among the evergreens, The Benchlands Pemberton is a residential development comprised of single-family home building lots with stunning views of Mount Currie. The lots benefit from a semi-private natural environment, while at the same time enjoying a location within close proximity to the downtown amenities.

Phase II of this development is now available. The lots are serviced and ready for building! If you are interested in finding out more, contact me today. All offers are being reviewed on September 14th.

Summer has flown by! With a ton of events happening and amazing weather throughout July and August, the summer has been very busy. To wrap it all up, the long weekend could not have been better and both Pemberton and Whistler were abuzz with people out enjoying their last weekend before the kids went back to school.

Just like the corridor as a whole, the real estate markets in Whistler and Pemberton have been busy. The overall number of reported sales through August has remained steady and matched what we saw and July. However, the pace of sales continues to be slower than we saw at this time last year. The primary reason for this is the low number of properties available to sell. That said, as a result of low inventory levels we are continuing to see increasing sales values in many segments of the market. So, the drop in activity levels has been offset by appreciation in terms of the total value of the property changing hands.

Year-to-date for 2017, a total of 731 properties have changed hands (compared to 905 at the same time last year) in Whistler and Pemberton. In August alone, there were 81 transactions. Three were 78 in July and 108 in August 2016.

Whistler

The average value of a transaction in Whistler is currently sitting at $1,147,814 compared to $884,424 at the same time last year. The median value has increased from $594,000 to $738,000 as a result of a greater number of sales happening in the higher-end of the market.

Pemberton

In Pemberton, the average value of a transaction is currently sitting at $511,866 compared to $453,471 at the same time last year. The median value has increased from $362,500 to $435,000.

*All stats deemed to be accurate and taken from the Whistler Listing System, August 2017

Through the first 6 months of 2017, the Pemberon real estate market faced circumstances similar to those being seen throughout the Sea to Sky Corridor – namely a lack of listing inventory and growing buyer interest. As a result, the Pemberton market has seen an overall slowing in the number of sales, a rise in average transaction values, and a reduction in ‘Days on Market’.

Where are we now?

Despite the fact that the number of transactions happening in Pemberton has remained relatively consistent, total activity levels in have decreased compared to a year ago,. This is due to a lack of properties available for sale, and not due to a lack of buyer demand (which continues to grow).

Over the course of the first half of 2017, we saw a total of approximately $40,000,000 worth of property change hands in Pemberton with an average overall transaction value of $459,600 (a 6% increase in average value). Individually, almost all segments of the Pemberton real estate market saw increased average values. As for buyers, the trend has been towards more affordable properties – both in the Village and the surrounding areas.

Breaking down the numbers into the various sub-markets, the current average transaction values are:

Single-Family Homes: $669,000 (10% higher than the start of the year)

Townhomes: $467,500

Condos: $327,800

Acreages: $822,800 (a slight decrease since the start of the year that can be attributed to the types of sales that generally occur a the start of the year vs. those at the end of the year in Pemberton rather than an indication of a systemic drop in value)

In looking at these numbers, it is important to note that the Pemberton market is small (and could even be called a ‘micro’ market) and as a result, the amount of sales data that is available at this time of the year is very limited. So, property values can deviate from these prices significantly especially when you consider the wide range of features, locations, and property-types these general categories encompass.

What is to come?

There are some medium and low density buildings and developments on the horizon for Pemberton. We expect these to hit the market in the next 12 to 18 months. Nevertheless, the market will continue to favour seller (with prices trending upwards) for the foreseeable future with only affordability concerns (one of the biggest drivers for many buyers in Pemberton) the only thing likely to temper the current climate.If you have been thinking of buying or selling in Pemberton, contact me today for the most up-to-date information and to discuss how the current state of the market might impact your decisions.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2017

It has been another busy first 5 months of the year in both Whistler and Pemberton. The real estate markets in both communities continued to follow the same trend of earlier months throughout May which recorded 91 total completed transactions compared to 93 in April 2017, and 89 in May 2016.

Whistler

May was busier than historical norms in 2017 and average transaction values continue to rise. The average sales price in Whistler is currently sitting at $1,074,628 compared to $903,253 at the same time last year. In Whistler properties are, on average, selling for 97.85% of the list price and listing inventory remains low with only 2 month’s worth of inventory, making it an excellent Seller’s Market.

Pemberton

While the Whistler real estate market was busier than usual, Pemberton saw a slightly slower month than usual. Nevertheless, average transaction values are still on the rise in the community with the current average sale price sitting at $428,581. This can be partially attributed to the types of property that are currently being offered for sale (with many of them in the higher price ranges) as well as to the fact that we continue to see an active Seller’s Market with only 5 months of inventory available. In Pemberton, the average sales price as a percentage of list price is currently 84%.

*All stats deemed to be accurate and taken from the Whistler Listing System, June 2017

Pemberton Market Activity: Quarter 1

Although buyer interest in Pemberton continues to grow, the Pemberton real estate market finds itself in a similar situation to that of Whistler – A limited supply of properties being offered for sale. So, although the number of transactions that have occured so far this year remains relatively consistent, values have risen across the board in all market areas.

As prices have risen throughout the Sea-to-Sky, many buyers have looked to Pemberton as an affordable alternative. Despite increasing values, this trend has continued and interest has increased for more affordable properties in the Village of Pemberton and surrounding areas, resulting in fast sales that are often under multiple offer situations.

Breaking Down the Numbers

Single-Family Homes: The current average transaction value in $715,000, as 12% increase since the start of the year.

Townhomes: Began the year with an average transaction value of $395,009 and now sit at $442,000.

Condos: Average transaction values have increase from $252,337 at the start of the year to $272,000.

Looking Forward

Despite the fact that several new high and low density projects are expected to come to the market within the next 12 to 18 months, we expect that the real estate market will continue to favour sellers – at least for the short term. We also expect that prices will continue to rise through the coming months, tempered only by the affordability concerns that attract many buyers to the area.

For Pemberton, 2016 was a record breaking year. Recreational enthusiasts, first time home buyers, investors, and those looking for a return to a country lifestyle flocked to the area as a result of increased awareness, affordability/value, and the relaxed rural lifestyle. As a result, the local real estate market experienced a 60% increase in activity levels and a 5.1% increase in average transaction value over 2015.

All segments of the local market experienced significant increases in average prices. However, the strongest buyer interest continued to be in condominiums and townhomes. The affordable prices of these properties draw many young families and first-time buyers who have been priced out of the Whistler and Squamish markets.

A Closer Look At the Numbers

Single Family Homes: Average values rose 18.6% to $640,368.

Townhomes: Average values rose 24.2% to $395,009

Condominiums: Average values rose 13.5% to $252,337

Acreages and estate homes also continued to garner high interest although the sample size of sales is too small to draw any meaningful conclusions.

New Development

In 2016, work began at the new singly-family subdivisions at Tiyata and Pemberton Ridge. Both new areas have been enthusiastically embraced by the market.

In addition, a purpose-driven rental building of 40 units and a 35 unit condo building at Crestline are now underway with scheduled completion in 2017/2018. Thus infusing the market with new product.

Looking Forward to 2017

The Pemberton real estate market continues to be restricted by a lack of inventory with the number of properties available for sale at historically low levels in all market segments. This, combined with continued buyer interest, will result in ongoing upward pressure on prices.

Although interest rates and new mortgage financing rules may impact future activity, until these possible issues before more defined, we expect the a bright future for Pemberton real estate throughout 2017.

The real estate market inPemberton is small and dynamic. If you have any questions about how the state of the market may impact your decision to buyer or sell, or if you have any other questions about real estate in Pemberton contact me. Staying up-to-date in our highly dynamic market is key to making the best real estate decisions, whether you are buying, selling, or contemplating.

*All stats deemed to be accurate and taken from the Whistler Listing System, January 2017